With the equity markets taking a beating, several big guns—including Royal Dutch Shell, Do-minion Resources and Antero Resources—took center stage in spinning out master limited partnerships (MLPs). Investors were highly receptive, bidding up shares to show double-digit first-day gains. Shell Midstream Partners (NYSE: SHLX) completed its IPO, raising about $1 billion through the sale of 46 million common units at $23/unit, above the $19 to $21 initial filing range. According to Dealogic, the transaction was the largest IPO by an MLP in over a decade. Post-offering, Shell will own 66.6% of the limited partnership interests, with 33.4% being held in public hands.
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